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Amazon.com, Inc. (AMZN) Stock Tops $1,000 Thanks to Record Prime Day

John Kilhefner

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

Amazon.com, Inc. (NASDAQ:AMZN) just put to the bed its biggest sales day of all time, and AMZN stock is back over the $1,000 mark as a result.

Amazon.com, Inc. (AMZN) Stock Tops $1,000 Thanks to Record Prime Day

Source: Shutterstock

Jeff Bezos & Co. this morning claimed that Prime Day 2017 sales grew more than 60% year-over-year, driven by small businesses and entrepreneurs. Even more impressive, Amazon’s Prime Day sales beat out both Black Friday and Cyber Monday.

The day was marked with 30 hours worth of deals, with the focus notably on Amazon-branded products. Amazon’s Echo Dot was the most popular product in any category across the globe. Aside from the Echo Dot, some of the more sought-after discounts included the Echo, Fire tablet, Kindle and a 4K Ultra HD Amazon Fire TV.

The massive e-commerce win was a boon to AMZN stock, which popped more than 1% to clear the $1,000 threshold for the first time since late June.

One side effect of a huge sales event through a monster of a company like Amazon is insight into our cumulative shopping habits, and AMZN has that in spades, offering quirky insights into products sold, such as:

  • 200,000-plus women’s dresses
  • 200,000-plus lightbulbs
  • 100,000-plus Amazon Launchpad items
  • 50,000 TP-Link Smart Plugs

… the top-selling products in each country:

  • U.S.: Instant Pot Programmable Pressure Cooker
  • U.K.: TP-Link WiFi Smart Plug
  • Spain: SanDisk Ultra Fit Flash Drive
  • Japan: Savas Whey Protein
  • China: Fisher Price Soothe and Glow Seahorse

(Why are Americans buying so many pressure cookers??)

Amazon Vice President Greg Greeley had this to say about Prime Day 2017:

“To those customers who tried Prime for the first time and our long time members, thank you for a great Prime Day. Our teams around the world will keep working to add more and more to your membership, so Prime continues to make your life better every day. We are already looking forward to our Prime Day celebration next year.”

The real win for Amazon, however, is in the amount of new Prime customers it’s converted into its ecosystem of higher spending. In that respect, AMZN picked up more Prime members than any other day in the company’s history.

In all, “tens of millions” of Prime shoppers shelled out for one or more deals on Prime Day — an increase of 50%-plus YoY.

And AMZN stock is back to full momo mode as a result.

John Kilhefner is the deputy managing editor of InvestorPlace.com. He does not hold a position in any of the aforementioned securities. Follow him on Twitter at @jkilhefner.

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